ITB Services
ActiveFinancials · financial year 2025, micro format
2025 annual accounts filed 17 days after the deadline Filed on 17 August 2026, deadline 31 July 2026 (7 months after the close on 31 December 2025, Companies Code art. 3:10). Source: NBB, 2026-00402037.
Annual accounts 2025 filed on 17-08-2026 at the NBB all 8 filings
Turnover
≈ €230,000
Estimated: probably between €130,000 and €390,000
EBIT margin
Not included in this filing
Net result
€10,339
2024 · -€13,511
Working capital
€57,445
2024 · -€11,604
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
€12,105
2025
20182025
Net result
€10,339
2025
middle half of the sector
20182025
Equity
€156,190
▲ 7.1%
2025
highest quarter of the sector
20182025
Total assets
€226,381
▼ 9.3%
2025
middle half of the sector
20182025
Debt
€70,191
▼ 32.4%
2025
20182025
Working capital
€57,445
2025
middle half of the sector
20182025
Solvency
69.0%
▲ 10.6pp
2025
highest quarter of the sector
20182025
Current ratio
4.89
▲ 4.29
2025
highest quarter of the sector
20182025
Return on assets (ROA)
4.6%
▲ 10.0pp
2025
middle half of the sector
20182025
Staff (FTE)
no figure
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€52,536-€12,678▼ 75.9%€72,647▲ 473%€30,396▼ 58.2%€43,653▲ 43.6%€64,954▲ 48.8%-€10,979€12,105
Net result€43,291-€4,919▼ 88.6%€47,392within the sector's middle half▲ 863%€18,883within the sector's middle half▼ 60.2%€28,353above the sector's middle half▲ 50.1%€50,923above the sector's middle half▲ 79.6%-€13,511below the sector's middle half€10,339within the sector's middle half
Equity€37,491-€42,410▲ 13.1%€89,802within the sector's middle half▲ 112%€108,686within the sector's middle half▲ 21.0%€128,439above the sector's middle half▲ 18.2%€159,362above the sector's middle half▲ 24.1%€145,851above the sector's middle half▼ 8.5%€156,190above the sector's middle half▲ 7.1%
Total assets€107,282-€175,827▲ 63.9%€202,561below the sector's middle half▲ 15.2%€322,960above the sector's middle half▲ 59.4%€337,705above the sector's middle half▲ 4.6%€343,227above the sector's middle half▲ 1.6%€249,650within the sector's middle half▼ 27.3%€226,381within the sector's middle half▼ 9.3%
Debt€69,791-€133,418▲ 91.2%€112,758▼ 15.5%€214,275▲ 90.0%€209,267▼ 2.3%€183,865▼ 12.1%€103,799▼ 43.5%€70,191▼ 32.4%
Working capital€30,261-€23,607▼ 22.0%€61,501within the sector's middle half▲ 161%-€1,289within the sector's middle half€1,616within the sector's middle half€16,869within the sector's middle half▲ 944%-€11,604below the sector's middle half€57,445within the sector's middle half
Solvency34.9%-24.1%▼ 10.8pp44.3%within the sector's middle half▲ 20.2pp33.7%within the sector's middle half▼ 10.7pp38.0%within the sector's middle half▲ 4.4pp46.4%within the sector's middle half▲ 8.4pp58.4%within the sector's middle half▲ 12.0pp69.0%above the sector's middle half▲ 10.6pp
Current ratio1.43-1.35▼ 0.082.05within the sector's middle half▲ 0.700.98within the sector's middle half▼ 1.071.02within the sector's middle half▲ 0.041.20within the sector's middle half▲ 0.180.60below the sector's middle half▼ 0.604.89above the sector's middle half▲ 4.29
Return on assets (ROA)40.4%-2.8%▼ 37.6pp23.4%above the sector's middle half▲ 20.6pp5.8%within the sector's middle half▼ 17.5pp8.4%within the sector's middle half▲ 2.5pp14.8%above the sector's middle half▲ 6.4pp-5.4%below the sector's middle half▼ 20.2pp4.6%within the sector's middle half▲ 10.0pp
Staff (FTE)3.5-2.5▼ 28.6%1.9below the sector's middle half▼ 24.0%2▲ 5.3%2.9▲ 45.0%2.3▼ 20.7%
above
within
below
The sector band is the middle half of the companies in Retail trade (NACE 47). A quarter of them sit below it, a quarter above. Each year counts only accounts in the same format, and only where there are at least 30.
The operating result for 2025 is a profit of €12,105, after a loss of €10,979 in 2024.
The turnover shown is an estimate from the gross margin.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €226,381
Fixed assets
€154,164 ▼ 33.6%
Current assets
€72,217 ▲ 315%
Equity and liabilities €226,381
Equity
€156,190 ▲ 7.1%
Debt
€70,191 ▼ 32.4%
Debt's share of the balance-sheet total falls from 41.6% to 31.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€18,755▲
2024 · -€710
Cash flow
€16,988▲
2024 · -€3,241
Debt to equity
0.45▼
2024 · 0.71
ROE
6.6%▲
2024 · -9.3%
Interest coverage
9.54▲
2024 · -0.25
Debt ≤ 1 year
€14,772▼
2024 · €29,017
Debt > 1 year
€55,337▼
2024 · €74,649
Income taxes
€22▼
2024 · €134
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Staff
| Item | 31-12-2021 | 31-12-2022 | 31-12-2023 |
|---|---|---|---|
| Employees at the balance-sheet date | 3 | 3 | - |
| part-time | 3 | 3 | - |
| in full-time equivalents | 2.4 | 2.4 | - |
| Average over the year, in full-time equivalents | 1.7 | 2.4 | 1.7 |
| On a permanent contract | 1 | 1 | - |
| Joined | 17 | 41 | 44 |
| Left | 16 | 41 | 47 |
Source: social balance sheet in the 2021 to 2023 annual accounts
Securities and guarantees
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Mortgages, amount registered | €115,750 | €115,750 | €115,750 | €115,750 | - |
| Mortgage mandates | €105,000 | €105,000 | €105,000 | €105,000 | - |
| Carrying value of the mortgaged assets | €254,475 | €249,553 | €241,227 | €231,795 | - |
Source: notes to the 2021 to 2025 annual accounts (statement of debts and off-balance-sheet rights and commitments)
Investments
| Item | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Tangible fixed assets | €208,433 | €6,366 | €1,095 | - | - |
| Depreciation and write-downs of the year | €31,805 | €12,203 | €10,259 | €10,270 | €6,649 |
Source: notes to the 2021 to 2025 annual accounts (statement of fixed assets)
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | - | - | - | - | - | - | €27,778 | - |
| Remuneration, social security and pensions62 | - | - | - | €58,841 | €71,010 | €61,067 | - | - | - |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €5,080 | €19,251 | €3,649 | €31,805 | €12,203 | €10,259 | €10,270 | €6,649 | ▼ 35.3% |
| Other operating charges640/8 | - | - | - | €3,978 | €4,196 | €9,108 | €2,395 | €6,246 | ▲ 161% |
| Gross operating margin9900 | €119,589 | €113,446 | €135,242 | €125,020 | €131,062 | €145,387 | €1,686 | €25,000 | ▲ 15× |
| Operating profit (loss)9901 | €52,536 | €12,678 | €72,647 | €30,396 | €43,653 | €64,954 | -€10,979 | €12,105 | - |
| Financial income75/76B | - | - | - | €190 | €301 | €158 | €415 | €222 | ▼ 46.6% |
| Recurring financial income75 | €0 | - | €7 | €190 | €301 | €158 | €415 | €222 | ▼ 46.6% |
| Financial charges65/66B | - | - | - | €6,374 | €7,625 | €5,831 | €2,812 | €1,966 | ▼ 30.1% |
| Recurring financial charges65 | €2,674 | €3,720 | €15,505 | €6,374 | €7,625 | €5,831 | €2,812 | €1,966 | ▼ 30.1% |
| Profit (loss) for the period before taxes9903 | €49,862 | €8,957 | €57,149 | €24,212 | €36,330 | €59,281 | -€13,377 | €10,361 | - |
| Income taxes67/77 | €6,571 | €4,039 | €9,756 | €5,329 | €7,976 | €8,358 | €134 | €22 | ▼ 83.6% |
| Profit (loss) for the period9904 | €43,291 | €4,919 | €47,392 | €18,883 | €28,353 | €50,923 | -€13,511 | €10,339 | - |
| Profit (loss) for the period to be appropriated9905 | €43,291 | €4,919 | €47,392 | €18,883 | €28,353 | €50,923 | -€13,511 | €10,339 | - |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €107,282 | €175,827 | €202,561 | €322,960 | €337,705 | €343,227 | €249,650 | €226,381 | ▼ 9.3% |
| Fixed assets21/28 | €7,230 | €84,720 | €82,629 | €259,257 | €251,670 | €242,506 | €232,237 | €154,164 | ▼ 33.6% |
| Tangible fixed assets22/27 | €5,279 | €82,769 | €80,678 | €257,306 | €251,469 | €242,305 | €232,036 | €154,164 | ▼ 33.6% |
| Land and buildings22 | - | - | - | €254,475 | €249,553 | €241,227 | €231,795 | €154,109 | ▼ 33.5% |
| Plant, machinery and equipment23 | - | - | - | €733 | €564 | €394 | €224 | €55 | ▼ 75.6% |
| Other tangible fixed assets26 | - | - | - | €2,098 | €1,353 | €684 | €16 | - | - |
| Financial fixed assets28 | €1,951 | €1,951 | €1,951 | €1,951 | €201 | €201 | €201 | - | - |
| Current assets29/58 | €100,052 | €91,107 | €119,931 | €63,703 | €86,035 | €100,720 | €17,414 | €72,217 | ▲ 315% |
| Stocks and contracts in progress3 | €40,401 | €39,688 | €36,427 | €43,572 | €32,516 | - | - | - | - |
| Stocks30/36 | - | - | - | €43,572 | €32,516 | - | - | - | - |
| Amounts receivable within one year40/41 | €13,727 | €35,574 | €31,721 | €8,691 | €17,566 | €71,034 | €1,813 | €2,622 | ▲ 44.6% |
| Trade receivables40 | - | - | - | €6,522 | €17,566 | €68,880 | €1,200 | €2,547 | ▲ 112% |
| Other amounts receivable41 | - | - | - | €2,169 | - | €2,154 | €613 | €75 | ▼ 87.8% |
| Cash at bank and in hand54/58 | €44,178 | €14,895 | €49,286 | €9,784 | €34,211 | €28,030 | €15,236 | €69,495 | ▲ 356% |
| Deferred charges and accrued income490/1 | - | - | - | €1,656 | €1,743 | €1,656 | €365 | €100 | ▼ 72.6% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €107,282 | €175,827 | €202,561 | €322,960 | €337,705 | €343,227 | €249,650 | €226,381 | ▼ 9.3% |
| Equity10/15 | €37,491 | €42,410 | €89,802 | €108,686 | €128,439 | €159,362 | €145,851 | €156,190 | ▲ 7.1% |
| Contributions10/11 | €6,200 | €6,200 | - | €8,060 | €20,460 | €20,460 | €20,460 | €20,460 | = |
| Reserves13 | €26,860 | €31,860 | €80,000 | €100,000 | €107,000 | €137,000 | €120,000 | €120,000 | = |
| Distributable reserves133 | - | - | - | €100,000 | €107,000 | €137,000 | €120,000 | €120,000 | = |
| Profit (loss) carried forward14 | €4,431 | €4,350 | €1,742 | €626 | €979 | €1,902 | €5,391 | €15,730 | ▲ 192% |
| Amounts payable17/49 | €69,791 | €133,418 | €112,758 | €214,275 | €209,267 | €183,865 | €103,799 | €70,191 | ▼ 32.4% |
| Amounts payable after more than one year17 | - | €65,690 | €54,227 | €149,056 | €124,653 | €99,853 | €74,649 | €55,337 | ▼ 25.9% |
| Financial debts170/4 | - | - | - | €149,056 | €124,653 | €99,853 | €74,649 | €55,337 | ▼ 25.9% |
| Amounts payable within one year42/48 | €69,791 | €67,500 | €58,431 | €64,992 | €84,420 | €83,851 | €29,017 | €14,772 | ▼ 49.1% |
| Current portion of amounts payable after more than one year42 | - | - | - | €27,663 | €28,034 | €28,565 | €27,286 | €14,147 | ▼ 48.2% |
| Trade debts44 | €41,397 | €32,242 | €24,151 | €13,358 | €17,282 | €10,922 | €1,331 | €180 | ▼ 86.5% |
| Suppliers440/4 | - | - | - | €13,358 | €17,282 | €10,922 | €1,331 | €180 | ▼ 86.5% |
| Taxes, remuneration and social security45 | - | - | - | €15,324 | €16,196 | €10,278 | €73 | - | - |
| Taxes450/3 | - | - | - | €6,163 | €4,671 | €10,278 | €73 | - | - |
| Remuneration and social security454/9 | - | - | - | €9,161 | €11,525 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €8,647 | €22,907 | €34,086 | €328 | €444 | ▲ 35.5% |
| Accrued charges and deferred income492/3 | - | - | - | €226 | €194 | €161 | €133 | €83 | ▼ 37.6% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €43,291 | €4,919 | €47,392 | €18,883 | €28,353 | €50,923 | -€13,511 | €10,339 | - |
| + Depreciation and write-downs630 | €5,080 | €19,251 | €3,649 | €31,805 | €12,203 | €10,259 | €10,270 | €6,649 | ▼ 35.3% |
| Operating cash flow (approximation) | €48,371 | €24,170 | €51,042 | €50,689 | €40,556 | €61,181 | -€3,241 | €16,988 | - |
| Investment in fixed assets (approximation) | - | -€96,742 | -€1,558 | -€208,433 | -€4,616 | -€1,095 | €0 | €71,423 | - |
| Change in cash | - | -€29,283 | €34,391 | -€39,502 | €24,427 | -€6,180 | -€12,795 | €54,260 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 5,047 companies had the same profile as ITB Services has now. Two years later, 93.9% were still going and 2.2% had gone bankrupt.
- Micro
- 5 to 10 years old
- solvency 30% or more
- a profit under 5% of the balance sheet
93.9%
was still going
3.8%
stopped otherwise
2.2%
went bankrupt
Another 0.1% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of ITB Services itself is lower: 0.3% within 12 months. It rests on far more data about ITB Services than the profile alone.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 5,047 companies, not a prediction for ITB Services. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Filings with the National Bank (8)
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | micro format | 17-08-2026 | 2026-00402037 | |
| 31-12-2024 | micro format | 18-07-2025 | 2025-00285812 | |
| 31-12-2023 | micro format | 19-07-2024 | 2024-00269528 | |
| 31-12-2022 | micro format | 29-08-2023 | 2023-00385460 | |
| 31-12-2021 | micro format | 22-08-2022 | 2022-20308519 | |
| 31-12-2020 | full format | 23-08-2021 | 2021-52000342 | |
| 31-12-2019 | full format | 03-07-2020 | 2020-26800024 | |
| 31-12-2018 | full format | 26-06-2019 | 2019-23600208 |